Guideline Value for Colony Street

Colony Street guideline value

The current guideline value of Colony Street in Ulunthai village is Rs 150 per sq.ft, effective from 1 July 2024. This street falls under the jurisdiction of the Sunguvarchattram SRO and is classified as Residential Class II Type - I.

How the guideline value of Colony Street has changed

Over the years, the guideline value of Colony Street has seen several revisions. The register shows that in 2012, the value was Rs 150 per sq.ft, which remained unchanged until the 2017 revision, where it dropped to Rs 100 per sq.ft. This was a decrease of 33%. However, from 2017 to 2023, the value increased by 50%, bringing it back to Rs 150 per sq.ft. The most recent revision in 2024 maintained this value, showing no change from the previous year.

The revisions for the years 2002, 2003, and 2007 have no figures listed for Colony Street in the register. Therefore, the only relevant revisions are from 2012, 2017, 2023, and the current 2024 figure.

Guideline values in Ulunthai

In Ulunthai, there are 27 streets under the Sunguvarchattram SRO that carry a 2024 guideline value, ranging from Rs 150 to Rs 426 per sq.ft. The median value for these streets is Rs 150 per sq.ft, which is equal to the 2024 figure for Colony Street.

• Chennai Perambakkam salai: Rs 426 per sq.ft (2024)
• Beauty Gardens: Rs 150 per sq.ft (2024)
• Bajanai Kovil Street: Rs 150 per sq.ft (2024)
• Gandhi Street: Rs 150 per sq.ft (2024)
• Green Areana: Rs 150 per sq.ft (2024)
• Green Medows: Rs 150 per sq.ft (2024)

Stamp duty and registration fee for property in Colony Street

For a 1,000 sq.ft plot at the current rate of Rs 150 per sq.ft, the guideline value amounts to Rs 1,50,000. The stamp duty is charged at 7%, totaling Rs 10,500, and the registration fee is 2%, amounting to Rs 3,000. Together, the total fees would be Rs 13,500. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Colony Street?

The Sub Registrar Office covering Colony Street is the Sunguvarchattram Sub Registrar Office, located at Vadivamal Nagar Kandigai Road, opposite Caparo Company, Sunguvarchatram, Chengalpattu registration zone. You can find your SRO for more information.

How the guideline value is used when you buy or sell in Ulunthai

The guideline value is a critical factor when registering property transactions in Ulunthai. It is used to determine the stamp duty and registration fees that must be paid during the transaction process.

When a buyer or seller engages in a property transaction, the guideline value ensures that the transaction is recorded at a fair rate, reflecting the current market conditions as per the registration department's standards.

Frequently asked questions

What is the current guideline value of Colony Street?

The current guideline value of Colony Street is Rs 150 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has remained at Rs 150 per sq.ft from 2012 to 2024, with a drop to Rs 100 per sq.ft in 2017 and a subsequent increase back to Rs 150 per sq.ft in 2023.

What is the land classification for Colony Street?

Colony Street is classified as Residential Class II Type - I, indicating its designation for residential use.

Where can I find the Sub Registrar Office for Colony Street?

The Sub Registrar Office for Colony Street is located at Vadivamal Nagar Kandigai Road, opposite Caparo Company, in the Chengalpattu registration zone.

How is stamp duty calculated for properties in Colony Street?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For instance, for a plot of 1,000 sq.ft, the stamp duty would be Rs 10,500 based on the current guideline value.